IMAP's team in Ireland, Key Caopital, represented insurance company Irish Life/Canada Life in negotiating an agreement with Allied Irish Banks (AIB) to set up a life and pensions joint venture. The shareholding will be split 50/50 between the two companies who are expected to invest €90m each.
AIB intends to use the JV to offer a range of life protection, pensions, savings and investment products. The JV will target AIB’s existing customer base through physical and digital channels. The new co-owned company will further strengthen the long-standing commercial relationship between the JV partners and their combined efforts to provide trusted financial advice to consumers in the Irish market. The combined expertise of the joint venture partners will enable the business to deliver a truly differentiated, customer-centric and digital-first solution.
Canada Life is owned by Great-West Lifeco, which also owns Irish Life. Headquartered in Canada and listed on the Toronto Stock Exchange, Great-West Lifeco has approximately $2 trillion in assets under administration, employing 24,500 people and serving more than 30 million customers.
The IMAP Ireland team, led by Jonathan Dalton, Saif Shubana and John Kavanagh advised Irish Life/Canada Life throughout the process.